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Tech Mahindra records profit of Rs. 257 cr in Q3

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CIOL Bureau
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MUMBAI, INDIA: IT solutions and service provider Tech Mahindra said on Friday that its consolidated net profit for the third quarter ended on December 31, 2010 was Rs. 257 crore.

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This profit after tax includes Tech Mahindra’s share in Mahindra Satyam too, Tech Mahindra said in a statement. The profit from Satyam was Rs 51.5 crore.

The revenues for the quarter stood at Rs 1,211.1 crore, up 2.0 per cent YoY, while the operating profit was Rs 249.8 crore. Barring Satyam shares and the minority interest of Rs. 0.6 crore, the net profit stood at Rs 206.1 crore, up 10.4 per cent YoY.

As on December 31, 2010, the company's total headcount was 34,208, while the total customer count was 126. During the quarter Tech Mahindra added two new customers. The company's debt also came down to Rs 1348 crore, compared to Rs 1426 crore in Q2 FY 11.

Anand Mahindra, chairman, Tech Mahindra said the company's sustained ability to design and deliver customized solutions has enabled it to consolidate the leadership position.

“As the global markets show signs of resurgence, our comprehensive array of service offerings ensure that we are well positioned to rise and meet customer expectations,” he said.

Added Vineet Nayyar, vice chairman, MD and CEO of Tech Mahindra, “We have turned in a satisfactory performance in a period of low discretionary spend by our customers. We have remained steadfast in our pursuit of our goals — of investing in capabilities to enable customer delight, while maintaining focus on operating and financial metrics.”

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